Ken Honda
I’m a big fan of The Psychology of Money and really didn’t think there’d be another money book that would interest me to this extent. I bought the book thanks to an article about it (at CapitalMind), which convinced me that the book had several insights that would be helpful.
As with the other book, this one too is less about investing/trading tips and secrets, and instead deals the subject with a light touch. By attaching the quality of happiness to money itself, he quickly points out the difference between happy money (e.g. being paid by a happy client for work you love to do) and unhappy money (e.g. taxes, salary for a job you hate). Money, according to Honda, is energy (current – currency) and the energy with which you give and receive money defines your relationship with it. It has some common functions – saving, exchange, growth, but our relationship with it is subjective. And we all want to win. But the big insight here? ‘Winning is not how well you do financially. It is how good you feel about playing.‘
So how does one get there? This is where I got my biggest insight – Money EQ. While Money IQ is what a bunch of books (and now webinars!) promise, Money EQ is amount your emotional relationship with money. It means looking at how you receive money (believe you deserve it), how you enjoy it (avoid a scarcity mindset), trusting the flow of money (it will be there when you need it) sharing it.
Which brings us to the ‘Money EQ types’, another insightful section. From the descriptions, I immediately got a sense of who I was (worrier) and the many things that are preventing me from having a happy relationship with money. Among the many things that can cause us to have a negative relationship with money is our history with it – not just our own, but our parents’ and grandparents’. Understanding it, and fixing it, is an essential part of getting to happy money. In essence, get out of the scarcity mindset, forgive and heal your money wounds, discover your gifts and get into the flow of happy money (do things you love – experiences, relationships), trust life, and say ‘arigato‘ for all the wonderful things in your life.
I admit it all sounds warm and fuzzy, and you might have moments of “it’s easy for him to say”, but persevere, because there are definite actions Honda recommends. It is an absolute must-read, if only to get some unique perspectives about money.
